Top 15 Weakest Currencies in Africa in 2024

PostsMay 5, 2024
Top 15 Weakest Currencies in Africa in 2024

Sierra Leone currency notes on a pavement in Freetown ( Photo : AFP )

Africa, known for its diverse cultures and landscapes, is navigating a complex economic landscape marked by currency devaluation in several nations. This phenomenon stems from various factors such as soaring inflation, limited economic diversification, political instability, conflicts, and sanctions.

In contrast to countries that allow their currencies to freely float in the market, others enforce fixed exchange rates to curb devaluation, which sometimes results in the emergence of a black market where local currency is devalued significantly against the official rate.

Here, we'll explore the 15 weakest currencies in Africa for 2024.

Table ranked from 15 to 1 based on the exchange rate of each country's currency against the US dollar:

Rank Currency Country Code Currency/$ Country
15 Somali Shilling SOS 570.50/$ Somalia
14 Sudanese Pound SDG 600.50/$ Sudan
13 Central African CFA Franc XAF 608.86/$ Cameroon, Chad, Congo, Central African Republic, Equatorial Guinea, Gabon
12 West African CFA Franc XOF 608.86/$ Senegal, Mali, Cote d'Ivoire, Benin, Togo, Burkina Faso, Niger, Guinea-Bissau
11 Angolan Kwanza AOA 836.00/$ Angola
10 Rwandan Franc RWF 1,288.16/$ Rwanda
9 Naira NGN 1,382.50/$ Nigeria
8 Malawian Kwacha MWK 1,728.97/$ Malawi
7 Tanzanian Shilling TZS 2,587.65/$ Tanzania
6 Congolese Franc CDF 2,785.00/$ Democratic Republic of Congo
5 Burundian Franc BIF 2,859.52/$ Burundi
4 Ugandan Shilling UGX 3,773.15/$ Uganda
3 Malagasy Ariary MGA 4,402.47/$ Madagascar
2 Guinean Franc GNF 8,569.17/$ Guinea
1 Leone SLL 20,969.5/$ Sierra Leone


This table lists the countries ranked from 15  (lowest exchange rate against the US dollar) to 1 (highest exchange rate against the US dollar). The "Currency/$" column indicates the exchange rate where a higher value represents a weaker currency relative to the US dollar.

These currencies reflect economic stability and global market appeal but struggle due to volatile economic conditions.

Currency valuation, determined by its exchange rate against the US dollar, the global benchmark, is influenced by factors like inflation, political stability, and economic sector dependence. The weakest currencies often raise concerns among economic observers and market participants, reflecting the overall economic, political, and social health of a country.

The causes of currency depreciation in Africa are multifaceted, encompassing issues such as political instability, corruption, and over-reliance on limited resources. Analyzing these factors offers valuable insights into broader socio-economic challenges facing the continent.

The list/ table is organized according to each country's latest exchange rates as of May 4, 2024, sourced from real-time data provided by Google Finance and corroborated by Forbes Currency Converter.

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